FGI Q3 revenue up 20.6% to $36.1M but net loss of $0.6M; guides FY revenue up but profit down

FGI Industries Ltd.

2024-Q3 EPS reported -$0.08 revenue$96,223,647

Revenue $36.1M (+20.6% YoY); gross profit $9.3M (+18.9%); gross margin 25.8% (-40 bps).
GAAP net loss $0.6M ($0.06/sh) vs net income $0.4M ($0.04/sh) in Q3 2023.
Adjusted net loss $0.1M ($0.01/sh) vs adjusted net income $0.6M ($0.06/sh) YoY.
Revised FY24 guidance: revenue $127-131M (prior $115-128M); adj. op. income ($1.0M)-$0.0M (prior $2.8-3.8M).
Liquidity $16.3M at Sep 30; investing in kitchen cabinet & Canada distribution.

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